A WARNING TO ROBINHOOD USERS: What You MUST Know if You’re Transferring Your Account
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If you’re investing on Robinhood and thinking of transferring your account (ACAT transfer) to another brokerage such as Fidelity or Charles Schwab, other investors doing the same thing have been running into problems.
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The problems seem to be coming into play regarding margin. Robinhood users who opened an Instant Account (Robinhood’s limited margin account, which is the default account type when you sign up), when trying to transfer to another brokerage account without margin, are sometimes being rejected by that brokerage. The reason: their portfolio is coming over flagged as margin, and they had no idea they even had a margin account.
If you’re thinking of transferring your account from Robinhood to another brokerage, these tips may help in avoiding this issue:
1) Speak with the other brokerage and explain the type of account you’re using with Robinhood. Ask if that could pose any problems with a transfer. It may not, but if it does, how can you remedy it?
2) Downgrade your Robinhood account to a cash account. If you don’t have margin on the larger brokerage account and don’t plan on keeping your Robinhood account open, this is very easy to do. Wait for this process to complete, then transfer everything. That way there shouldn’t be any risk of your holdings being rejected in the transfer process due to them showing “margin account.” This is permanent FYI.
3) Initiate the transfer with the larger brokerage (not Robinhood). This may save you some time.
4) If you want to transfer your shares, but aren’t sure you want to completely delete your Robinhood account, what you can do instead is buy a cheap $1-$3 stock on Robinhood, keep it in your account to keep your account open, and transfer everything else. Transferring any cash to your bank account first may help speed things up as well. I’ve heard when a transfer of cash is involved, that sometimes makes the process take longer. Your mileage may vary.
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